Welcome to our dedicated page for Verizon Communications news (Ticker: VZ), a resource for investors and traders seeking the latest updates and insights on Verizon Communications stock.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) is a leading multinational telecommunications conglomerate, headquartered at 1095 Avenue of the Americas, Midtown Manhattan, New York City, and incorporated in Delaware. As a corporate component of the Dow Jones Industrial Average, Verizon stands out in the telecommunications industry by providing a wide range of services and solutions that include wireless communications, fixed-line telecom, and enterprise services.
Wireless Services: Verizon's wireless operations account for approximately 70% of its total service revenue, highlighting the significance of this segment. With about 93 million postpaid and 21 million prepaid phone customers, Verizon holds the title of the largest US wireless carrier. This expansive customer base is supported by the company's robust nationwide network, known for its reliability and wide coverage.
Fixed-Line Telecom: Verizon's fixed-line operations serve local networks in the Northeast, reaching around 29 million homes and businesses. The company caters to approximately 8 million broadband customers, providing high-speed internet services. Additionally, Verizon offers telecom services to enterprise customers across the nation, leveraging both its own and other carriers' networks.
Recent Achievements and Projects: Verizon is actively involved in several initiatives and partnerships that enhance its service offerings and community presence. Recently, Verizon announced the continuation of its partnership as the Official 5G partner of Houston Dynamo FC and the Houston Dash, which will last through the 2024 season. This partnership aims to bring fans closer to the teams they support with enhanced fan experiences.
In another exciting development, Verizon is connecting fans to music at the inaugural Festival La Onda by BottleRock® in Napa Valley, CA. Fans will benefit from perks such as VIP experiences, premium viewing decks, and exclusive merchandise.
Financial Performance: For the fiscal year 2023, Verizon generated revenues of $134.0 billion, reflecting its strong market presence and operational efficiency. The company's commitment to innovation and customer satisfaction continues to drive its financial success.
Social Initiatives: Verizon is dedicated to community engagement and social responsibility. The company is sponsoring events such as The Power Shift series with Johns Hopkins University and Medicine, aimed at discussing the intersection of AI and healthcare. Verizon's Citizen Verizon initiative focuses on preparing individuals for future jobs through tech skills training.
New Products: Verizon Business is introducing the Google Pixel 8a smartphone, equipped with advanced collaboration tools, robust security features, and AI technology. This addition enhances business mobility for Verizon's enterprise customers.
Verizon Communications Inc. remains at the forefront of the telecommunications industry, continually evolving to meet the demands of modern connectivity and innovation.
Frontier Communications (NASDAQ: FYBR) has filed an investor presentation detailing the benefits of its proposed acquisition by Verizon. The all-cash offer of $38.50 per share represents a 37% premium to the pre-announcement price and a 66% premium to the past year's average. The deal follows a comprehensive strategic review where Frontier's Board explored multiple alternatives, including remaining independent. The offer represents a 54% improvement from initial valuations and was deemed superior to all other options, including Frontier's standalone plan which faces challenges such as negative cash flows through 2027 and high leverage. The Board unanimously recommends stockholders vote in favor of the transaction.
Verizon Frontline has introduced two new deployable asset prototypes: the Off-Grid, Cross-Communications Network trailer (OXEN) and Emergency Response Incident Command Center vehicle (ERICC). These assets join Verizon's fleet of nearly 600 deployable units and were recently tested at both Republican and Democratic National Conventions.
The OXEN provides 5G Ultra Wideband, 4G LTE, and satellite connectivity, featuring solar, shoreline, or diesel power options. The ERICC offers a mobile workspace for 3-5 people with off-grid communications capabilities. Both assets are designed to support first responders' mission-critical communications and are available through the Verizon Frontline Crisis Response Team at no cost to supported agencies.
Verizon (NYSE, Nasdaq: VZ) has updated its broadband strategy, announcing new goals for fixed wireless subscribers, household targets, and broadband offerings. The company aims to double its fixed wireless subscribers to 8-9 million by 2028, expanding coverage to 90 million households. Verizon's fiber network is expected to grow to 35-40 million passings over time, bolstered by its planned acquisition of Frontier.
Key highlights include:
- Verizon reached its fixed wireless access subscriber target 15 months ahead of schedule
- The company had nearly 4.2 million fixed wireless subscribers at the end of Q3 2024
- Verizon plans to commercially launch an advanced mmWave solution for high-population areas
- The Frontier acquisition is expected to bring in 9-10 million fiber passings
- Verizon targets up to 650,000 annual Fios builds in 2025, potentially increasing to 1 million or more after the Frontier acquisition
The company maintains its capital allocation priorities, expecting capital expenditures of $17.5-$18.5 billion for 2025.
Verizon (VZ) reported strong third-quarter 2024 results, showcasing customer growth in mobility and broadband. Key highlights include:
- Wireless service revenue of $19.8 billion, up 2.7% year-over-year
- 239,000 retail postpaid phone net additions
- 389,000 total broadband net additions
- Fixed wireless subscriber target achieved 15 months ahead of schedule
- Total operating revenue of $33.3 billion, flat compared to Q3 2023
- Consolidated net income of $3.4 billion, down from $4.9 billion in Q3 2023
- Adjusted EPS of $1.19, compared to $1.22 in Q3 2023
Verizon remains on track to meet its full-year 2024 financial guidance, with wireless service revenue and adjusted EBITDA trending at or above the midpoint of the guided range.
UScellular has announced the sale of select spectrum assets for $1.0 billion. The company has reached an agreement with Verizon Communications to sell 663 million MHz POPs of Cellular spectrum, 11 million MHz POPs of AWS, and 19 million MHz POPs of PCS licenses for $1.0 billion in cash. Additionally, UScellular has agreements with two other mobile network operators to sell 12 million MHz POPs across CBRS, C-Band, and 700 MHz B/C Block bands.
These transactions are part of UScellular's objective to monetize spectrum not included in the proposed sale to T-Mobile. The deals are subject to regulatory approvals and customary closing conditions. Following these transactions, UScellular will retain 3.4 billion MHz POPs of low and mid-band spectrum and 17.2 billion MHz POPs of mmWave spectrum. The company continues to seek opportunities to monetize these retained assets.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) will report its third-quarter 2024 earnings on Tuesday, October 22. The company will release detailed information, including management commentary, earnings news release, and financial tables, at 7:00 a.m. ET on its Investor Relations website. Additionally, Verizon will host a live sell side analyst meeting from 9:00 a.m. to approximately 10:30 a.m. ET on the same day.
During this event, Hans Vestberg, Chairman and CEO, along with senior leadership team members, will discuss Q3 2024 results, provide a strategic broadband update, and hold a Q&A session with analysts. Access instructions and presentation materials will be available on Verizon's Investor Relations website. In 2023, Verizon generated revenues of $134.0 billion, serving millions of customers worldwide and nearly all Fortune 500 companies.
Verizon Business is returning to the HLTH 2024 event in Las Vegas to showcase its latest 5G healthcare solutions. At booth #3028, the company will demonstrate how its technology is transforming patient care through enhanced connectivity, security, and partnerships. Verizon Business is focusing on building a connected healthcare ecosystem using its 5G network, Neutral Host Networks, private wireless, and multi-access edge computing (MEC).
The company is driving innovation in telehealth, remote patient monitoring, and connected medical devices. Verizon Business has partnered with major healthcare institutions like UC Davis, Cleveland Clinic, and John Hopkins University. On October 21, Gary Lynch, Global Practice Lead & CTO for Healthcare, Insurance, and Life Sciences at Verizon Business, will present on AI and 5G-powered health solutions for elder care.
Verizon is hosting its second Washington, D.C.-area 'Connected By Culture' event on October 17, 2024, at the Verizon store in Rockville, MD. The event, themed 'Innovadores del Futuro – Empowering Rising Latino Community Tech Leaders,' celebrates $73,300 in new Verizon donations to local Latino-serving organizations. It aims to connect community members with career and networking opportunities from 3 to 6 p.m.
The event will feature:
- Top leaders supporting the next generation of Latino community leaders in tech and entrepreneurship
- Free professional headshots
- Networking opportunities
- A workforce development panel discussion
- A performance by Baila4Life dance ensemble
Verizon's donations support six local organizations: Maryland Hispanic Chamber of Commerce, Latino Economic Development Center, ignITe Hub Montgomery College, Baila4Life, Latin American Youth Center, and Maryland Women's Business Center. The event aligns with Verizon's responsible-business plan and commitment to workforce development, including the Verizon Skill Forward program offering free online courses.
Verizon Business's fifth annual State of Small Business Survey reveals a significant surge in AI adoption among small to midsize businesses (SMBs), with usage doubling from 14% in 2023 to 39% in 2024. Despite economic concerns, SMBs are investing more in technology than in the past three years, particularly in internet upgrades and online operations.
Key findings include:
- 84% of SMBs use Facebook for promotion and customer engagement
- 66% have upgraded their internet bandwidth
- 83% worry about rising inflation's impact on their business
- 59% believe their business will be in a better economic position next year
- 52% of retailers are preparing for an in-store-first holiday season
Verizon Business is offering Small Business Days from October 14-20, providing special deals, free tech checks, and personalized consultations. The company aims to support one million small businesses by 2030 through its Small Business Digital Ready platform, offering free digital skills training.
The Verizon Foundation has announced a $2 million donation to support relief efforts for communities affected by Hurricane Helene and Hurricane Milton. The donation includes:
- $1 million to the American Red Cross for emergency relief and recovery efforts
- $400,000 to Volunteer Florida for Hurricane Milton relief
- $600,000 to organizations in Georgia and North Carolina for Hurricane Helene relief
The funds will support immediate needs such as food and shelter, as well as long-term recovery and rebuilding initiatives. Verizon's Chief Responsible Business Officer, Donna Epps, emphasized the company's commitment to supporting communities in times of need. Representatives from recipient organizations expressed gratitude for Verizon's contributions and highlighted the impact these donations will have on affected communities.
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